内容摘要：by the Republican-controlled US House of Representatives on May 22 by a single vote.

by the Republican-controlled US House of Representatives on May 22 by a single vote.

The process would be lengthy and complex, but would put the tariffs on a much stronger legal foundation. Discussions are reportedly still underway at the White House, according to the Journal.Wednesday’s surprise ruling

by the US Court of International Trade had threatened to halt or delay Trump’s “Liberation Day” tariffs on most US trading partners, as well as import levies on goods from Canada, Mexico and China related to his accusation that the three countries were facilitating the flow of fentanyl into the US.The International Court of Trade said tariffs issued under the International Emergency Economic Powers Act (IEEPA), which is typically used to address issues of national emergencies rather than addressing the national debt, were considered overreach.Experts said the IEEPA, which was passed in 1977, is narrow in scope and targets specific countries, US-designated “terrorist organisations”, or gang activity pegged to specific instances. The US, for example, used the law to seize property belonging to the government of Iran during the hostage crisis in 1979 and the property of drug traffickers in Colombia in 1995.

“The 1977 International Emergency Economic Powers Act doesn’t say anything at all about tariffs,” Bruce Fain, a former US associate deputy attorney general under Ronald Reagan, told Al Jazeera.Fein added that there is a statute, the Trade Expansion Act of 1962, which allows tariffs in the event of a national emergency. However, he said, it requires a study by the commerce secretary and can only be imposed on a product-by-product basis.

‘Product-by-product’

Despite the appeal court’s reprieve, Wednesday’s decision has been viewed as a blow to the administration’s economic agenda that has thus far led to declining consumer confidence and the US losing its top credit rating.In response to Trump’s tariffs, both Japan and China have indicated they will use their substantial holdings of US treasuries as leverage in trade negotiations with the Trump administration.

Earlier this month, Japanese Finance Minister Katsunobu Kato said Japan’s massive holding of US treasuries could be a “card on the table” in trade negotiations.Similarly, China has been gradually selling US treasuries for years. In February, China’s US treasury holdings dropped to their lowest level since 2009, reflecting efforts to diversify reserves and ongoing trade tensions.

What does high US debt mean for the average American?If the US government is spending more on debt interest repayments, it can affect budgets and public spending as it becomes more costly for the government to sustain itself.